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What Is Solana (SOL)? : A Complete Beginners Guide

What Is Solana (SOL)? : A Complete Beginners Guide

Solana (SOL) - The Outline


Solana is a blockchain platform that is open to the public. It's decentralized and open-source, with consensus-based on proof of stake and proof of history. With its own cryptocurrency, SOL, it promises to be able to allow peer-to-peer transactions at a rate of 50,000 transactions per second. 

Anatoly Yakovenko is Solana's founder and CEO. 

According to Bloomberg, Solana is "A potential long-term rival for Ethereum," which is the world's leading NFT art transaction platform. Solana, like Ethereum, has the ability to communicate with smart contracts. In the first nine months of 2021, the value of Solana increased two hundred times faster than the value of bitcoin, increasing by moreover 13,000 percent. 
 
Solana is a single-layer, high-speed blockchain. Its goal is to democratize the world's financial institutions by supporting all high-growth and high-frequency blockchain applications. For more than six months, the investors' token has been frozen. The tokens are not owned by the community in excess of 50%. Solana uses a deflationary token supply with a Delegated-Proof-of-Stake protocol.

Its token fees will be burned, reducing the overall supply. Solana is currently listed on the Binance exchange but does not have any fiat or crypto trading pairings. The fluidity is a mystery. However, Solana has assembled an all-star team with a creative approach to blockchain technology, despite the fact that it is rarely covered in the mainstream media press.

(source: Bloomberg)

Solana is made possible by seven important technological advancements. These are some examples:

 

  • POH (Proof of History)

  • Tower BFT

  • Cloudbreak

  • Replicators

  • Gulf Stream

  • Turbine

  • Pipeine VM


Solana claims itself as "the fastest blockchain in the world," with hundreds of active transactions per second and an average transaction cost of $0.00025. The firm also claims to have the "fastest-growing ecosystem in crypto," with over 400 projects spanning NFTs, DeFi, and Web3.

Solana just had its first million-dollar NFT transaction, with Blockchain consultancy company Moonrock Capital purchasing Degenerate Ape Academy NFTs for $1.1 million (5,980 SOL).

By market capitalization, Solana's SOL token is already the world's sixth-largest cryptocurrency.

Because of rising institutional interest and the surge in non-fungible tokens (NFT) and decentralized finance, Solana's SOL token has become one of the largest cryptocurrencies by market value (DeFi).

Solana, like Ethereum, is a computing platform capable of interacting with smart contracts. Smart contracts are used to power a wide range of applications, including NFT markets and DeFi, as well as games and decentralized lotteries.

The main reason a user might prefer a Solana-based app over Ethereum is that speeds are fast and congestion is low, resulting in very low fees. (However, keep in mind that there are risks associated with emerging crypto applications and technologies, ranging from volatility to the possibility of undiscovered smart-contract bugs being exploited.) 

Source: Messari 


Solana (SOL) Marketcap:


At the current market price of $48,002,230,381, the token's market value is $162.86 billion, making it the ninth-largest in the crypto markets and surpassing Polkadot $25.7 billion, according to data provider Messari. The cryptocurrency's price reached a new high of $96 early today, having more than doubled since September.

“In general, money has been flooding into Ethereum alternatives like Solana, Cosmos, Luna, and Avalanche,” Amber Group reported. Over the last four weeks, the tokens of these smart contract platforms have each gained more than 80% versus Ethereum's native coin ethereum (ETH, 1.82 percent ).
 
SOL received a significant proposal two weeks ago when Solana launched Degenerate Ape Academy in the thriving NFT market. It was a smash-hit launch, with a collection of 10,000 distinct cartoon ape photos selling out in the first ten minutes. As a result, SOL increased in value since individuals needed to acquire cryptocurrency in order to buy apes.


Solana (SOL) market value and chart:


According to Solana, Market cap is calculated by multiplying the asset’s circulating supply with its current price.

Market cap : $48,002,230,381,
Fully diluted market cap : $81,965,747,206.
24 hours trading volume: $6,482,200,343
Circulating supply: 296,694,165.31 SOL , (approximately)
Total supply : 504,095,651.


And also you can explore their website (solana.com)and know more details you are requested to check the Whitepaper

Source: Coinmarketcap


Why does Solana keep climbing?


When the price of a cryptocurrency rises so rapidly, it's difficult to predict whether we'll see an equally dramatic fall. Understanding why the price has risen is one way to determine how long that growth will last.

Here we have some reasons that make Solana  (SOL) keep raising.

  • Solana's involvement with Degenerate Apes in NFTs.

You've undoubtedly heard of non-fungible tokens (NFTs), which are digital valuables that are sweeping the crypto industry. Key data is effectively baked into each piece of digital art by coding ownership and copyright information into these tokens.

  • It attracts a diverse range of initiatives, some of which are successful.

On Solana's network, over 400 projects have been created, including different decentralized financial (DeFi) apps. Decentralized finance is an umbrella word for a variety of projects that eliminate the intermediary (often banks) from financial transactions.

  • It was successful in launching a wormhole project.

Projects may now use the wormhole to swiftly and inexpensively transfer assets between Ethereum and Solana.

  • It is rapid.

 Although speed is not everything, it has proven to be a barrier for many developing cryptocurrencies. Time will tell whether Solana is accurate in claiming that security and other elements have not been compromised in order to achieve that pace. Assuming this is the case, Solana may be able to maintain its position in the top ten cryptos for some time.

  • People are seeking Ethereum alternatives (ETH). 

Solana is one of a handful of programmable blockchains vying for first place. People speak about possible Ethereum competitors, but it's more probable that Ethereum will emerge as one of five or six leaders in the next years.

Source: The  ascent


Conclusion:


Solana reached another milestone: the value of decentralized financial projects pinned to the token's blockchain topped $3 billion for the first time ever, virtually tripling day by day.


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About Rajashree

Howdy! This is Rajashree. I am a passionate professional always thirsty to grab knowledge about the Security Token Offerings. Presently working as a blogger and technical consultant in Security Tokenizer and well versed in crypto tokens. With 4+ years of industry experience, I am enchanted to distribute my insights regarding the STO. Stay tuned to attain the STO vertical blog updates.

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